Personal Items

• Copy of last year’s Income Tax return
• Proof of identification (Drivers License, Govt. issued Photo I.D.)
• Social Security Card, birth date for you and your family on the Tax return
• Your permanent resident mailing address or a P.O. Box number
• Bank account information or a voided check for direct deposit (for your refund)

The 2018 is the first tax filing year under the new Tax Cuts and Jobs Act (TCJA). It took effect on January 1, 2018.  Tax rates generally are reduced for most taxpayers under this new tax law, but some of the tax filers may notice smaller or no refunds on their tax returns.

In 2017, a donation that qualified for an Arizona Tax Credit was 100% refundable on your Arizona Tax Return and qualified as a Federal Tax Deduction on Schedule A of your Federal 1040. Unfortunately, only tax donations made before August 27, 2018 will qualify as both a Federal Deduction and Arizona Tax Credit. After August 27, 2018 you have the choice of one or the other.

The H & S Accounting team wishes you and your family a wonderful Holiday Season, and a happy, healthy, and peaceful New Year 2019!

That’s a good question. An Estate tax return is filed on Form 706 and used when a person dies and their estate is worth more than $5.43 million. The amount over $5.43 million is taxed on the Form 706. Since most people do not have an estate that large, they do not have to file the Form 706 because under that amount is not taxable.

Many clients want to know the maximum amount of Arizona tax credits they can deduct each year on their current Arizona Individual Tax return. We will not only answer this question for you today but will also explain the individual credits and the date you need to fund each credit.